According to Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), attributes the rise in petrol pump prices in Nigeria to market forces. He explains that the price increase, from N540 to N617 per litre, reflects the dynamics of a market-regulated pricing model. According to Kyari, the prices are subject to market realities and fluctuations, going up and down based on market conditions.

He dismisses the notion that the price increase is due to a shortfall in petrol supply, stating that there is no supply issue and that there has been a robust supply of petrol in the country for over 32 days.

The CEO of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, adds to Kyari's explanation, stating that the price hike is influenced by global crude oil prices, which have been rising. Additionally, changes in freight costs and other miscellaneous expenses during distribution contribute to the price changes.

The discontinuation of petrol subsidy, announced by President Bola Tinubu on May 29, 2023, led to a significant jump in the price of petrol from N198/litre to over N500/litre on May 30, 2023.

It's important to note that the situation might have evolved beyond this point, as the information provided is based on a specific date and events might have unfolded differently since then.

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